Moody’s applies B1 CFR to Senvion

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Senvion SA, the holding company of the Senvion group.

At the same time, the agency affirmed the B2 rating of the €400 million senior secured notes issued by Senvion Holding GmbH and guaranteed, among others, by Senvion TopCo GmbH.

The outlooks remain positive.

The B1 corporate family rating, B1-PD probability of default rating and positive outlook assigned to Senvion TopCo GmbH were withdrawn.

"Moody's decision to keep Senvion's ratings at the current level and to keep the outlook at positive reflects the fact that Moody's continues to expect a strengthening of credit quality supported by a shift of business to new and higher-growth markets and restructuring measures initiated to reduce costs, so that an upgrade may be considered in the next 12-18 months," Oliver Giani, Moody's lead analyst for Senvion, said in a news release.

"While we understand that 2017 will be a transitional year to effect the re-focusing of the group's operations, we take comfort from Senvion's existing orderbook which provides for good revenue visibility, recent success in winning orders in new territories as well as generally positive industry fundamentals that should support global demand for wind turbines. This should allow improving credit quality beyond 2017."

Given the change of the reporting entity in the course of the stock market listing in March 2016, the corporate family rating was moved to Senvion SA.

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